PART I. Snapshot
My Implied Share Price: $31.15
My Current Holdings
| Symbol | Price | Weight |
| CASH | 1.00 | 30.97% |
| MOV | 19.59 | 8.27% |
| PETS | 2.62 | 6.31% |
| Options | 1.00 | 4.54% |
| AII | 22.73 | 4.42% |
| IIPR | 56.46 | 3.91% |
| TGT | 89.03 | 3.38% |
| INTC | 36.83 | 3.11% |
| MED | 13.99 | 3.10% |
| CROX | 84.89 | 2.65% |
| UG | 7.755 | 2.42% |
| CNC | 38.70 | 1.96% |
| LNC | 41.09 | 1.94% |
| VZ | 43.67 | 1.84% |
| MOH | 201.97 | 1.71% |
| MKL | 1941.03 | 1.64% |
| GRAB | 6.16 | 1.30% |
| NVO | 59.63 | 1.26% |
| UBER | 96.60 | 0.98% |
| LEN | 130.07 | 0.88% |
| YALA | 7.51 | 0.82% |
| BBBY | 12.02 | 0.81% |
| IBTA | 29.92 | 0.81% |
| LYFT | 21.99 | 0.74% |
| JAKK | 18.90 | 0.72% |
| JBSS | 64.63 | 0.71% |
| BG | 83.97 | 0.71% |
| SPB | 55.01 | 0.70% |
| LULU | 175.59 | 0.59% |
| DHI | 174.95 | 0.59% |
| PYPL | 69.25 | 0.59% |
| WU | 8.01 | 0.54% |
| GRBK | 77.37 | 0.52% |
| ACI | 17.38 | 0.51% |
| GM | 60.13 | 0.51% |
| CRCT | 5.97 | 0.50% |
| BWEN | 2.13 | 0.45% |
| FLO | 13.16 | 0.44% |
| FLR | 43.13 | 0.44% |
| PZZA | 47.34 | 0.40% |
| GLDD | 11.96 | 0.35% |
| DOLE | 13.45 | 0.34% |
| UNFI | 40.53 | 0.31% |
| HCC | 64.17 | 0.27% |
Updated: October 3, 2025
PART II. Significant Developments
Weighted Cash balance decreased a little over 7%, based on my acquisitions and adding to business holdings. MOV, my biggest subsidiary, is down about a half percent. Options weight decreased 3/4 of a percentage point, based on successfully selling to close VMEO call options, after the business was bought out.
I added more PETS, making it my second largest position, and I acquired AII making it my third largest position. I added more TGT, possibly anticipating a tax loss harvesting strategy, and I added to IIPR. I also acquired MED, UG, and JBSS.
I sold PINS, the entire position, and I partially divested from SPB, to current allocation of 0.70%.
INTC increased dramatically this month, from $24.49 per share to $36.83, increasing its weight to 3.11%, up from 2.20%. Another standout was BBBY, increasing from $9.88 per share to $12.02 per share. Its current allocation is 0.81%, up from 0.71%.
PART III. Segment Review
This month I’m reviewing Segment 4 (Insurance & Finance) and Segment 10 (Fashion & Apparel).
1. American Integrity Insurance (AII)
Basics: I started this position just last month, September 2025. Current allocation is 4.42%
Original Thesis: I found a video of the business’ President, Jon Ritchie, very helpful when I invested. He went over the history and how AII was able to get in the market in Florida after other insurance companies got out. Steady growing company.
Updated Financials and Story: About $188 Million Enterprise Value and netted $37 Million and $39 Million respectively over the last 2 years. The business is well run but risky because a major unknown weather event could happen at any time and could be devastating.
Extras: https://www.youtube.com/watch?v=WFSyVbvwz3Q&t=773s.
Outlook: I expect the business to continue to be well run and financially stable. I expect growth to increase over the next several years to average net around $45 Million and hope for no major weather events.
2. Markel Group, Inc. (MKL)
Basics: Holding company that makes money and reinvests money. 4th largest insurance company. Current Allocation is 1.64%.
Original Thesis: Markel controls: culture of the business, capital allocation, leaders, essentials (like fining tax returns).
Updated Financials and Story: Almost $26 Billion Enterprise Value. Over the last several years has bought back 10% of shares. Cash can cover debt, per CEO. Business insures big things, that usually smaller insurance businesses can’t. MKL has the people and the expertise to do it.
Extras: https://www.youtube.com/watch?v=U-obsymtCJ0.
Outlook: MKL has compounded 15% per year on average over decades. Insurance is the main business but has other businesses (Markel Ventures) and marketable securities. I expect compounding it to continue.
3. Lincoln National Corporation (LNC)
Basics: Allocation currently 1.94%.
Original Thesis: Added an insurance company as a stable base for my holding company.
Updated Financials and Story: $10.17 Billion EV.
Extras: N/A.
Outlook: I project net income at $1.3B average moving forward. Currently fairly valued. Ex-Div is Oct 10th. I may consider reducing allocation in the future.
4. Movado Group, Inc. (MOV)
Basics: This is my largest holding.
Original Thesis: Valuable brand. CEO basically has total control.
Updated Financials and Story: CEO is the founder’s son.
Extras: 1. Initial Valuation Date: 9/14/25 2. Current Share Price: $19.80 3. Current EV Price: $348M 4. *Reverse Pricing Average Yearly Earnings: $30M 5. Projected earnings growth rate: 2% 6. 10th year earnings at that growth rate: $36.6M 7. Termination Value (ie 5x annual growth): $183M 8. Valuation 10 years earnings cumulation: (1%-$313.8M)(2%-$328.4M)(3%-$343.9M) 9. Term + 10 year cumulation total or range: $496.8M-$526.9M 12. Discount rate: 7.2% 13. Assets currently in place: $300M 14. Debt: $260M 17. Approximate number of total shares: 22,137,879 18. **Translation … Current share price goal range for BUY: $18.52 19. **Translation … Final Long-term unadjusted un-discounted share price goal range = for SELL: $25.61
Outlook: Minimum I see current value at $25.61 per share. Well run business, stable and dividend paying. Brand has value too and is not being appreciated by the market.